ADMINISTRATION OF ESTATES ACT - 1961 (ACT 63)

Section - 37 - Payment of money into the prescribed bank and investment of surplus funds

(1) An Administrator-General's account shall be kept by the Administrator-General with such bank as may be prescribed, and all moneys received by the Administrator-General in respect of proceedings under this Act shall be paid into that account.

Whenever the cash balance standing to the credit of the Administrator-General's account is in excess of the amount which in the opinion of the Administrator-General is required for the time being to answer demands in respect of the estate being administered by him, the Administrator-General may deposit the cash balance or any part thereof with the Accountant-General or in a Government savings bank or invest the whole or any part thereof in any funds or securities in which trustees are by the law for the time being in force authorised to invest trust funds.

(2) Whenever any money so placed on deposit or invested is, in the opinion of the Administrator-General, required to answer any demands in respect of estates administered by him, the Administrator-General shall thereupon withdraw the money deposited or realise the investment, as the case may be, and place the amount received to the credit of the cash balance of the Administrator-General's account.

(3) When the realised assets of an estate are so small in value that the estate is practically indivisible amongst the beneficiaries or creditors entitled thereto or when after division of the estate a balance remains which by reason of the number of the beneficiaries or creditors and the small amount of the balance is practically indivisible amongst the beneficiaries or creditors, the assets or balances shall be paid or transferred on the closing of the estate account into the Consolidated Fund.